February 20, 2023
Spot gold price today may bounce more to $1,853 per ounce, as it broken resistance $1,842.
The next resistance will be at $1,853, a break above which may lead to a gain to $1,867. However, the downtrend from $1,890 looks steady. It is expected to eventually extend to $1,793.
Based on this observation, the current bounce could hardly extend beyond $1,853. Instead, it may end around this level and be reversed by this subsequent drop.
A break below $1,830 could signal the continuation of the downtrend. On the daily chart, the long-shadowed doji on Feb 17 confirms a stabilization of the market around a support of #1,813.
Given that the metal has broken a resistance at $1,833, it may bounce to $1,858. The downtrend may resume upon the completion of this bounce, as a bearish flag suggests a target of $1,793.
